Answer to Question #192076 in Economics for michael

Question

1.the statement other things being equal has no effect in the study of economics phenomenon and therefore can be ignored. true/false. explain

2.A straight line demand curve has the same elasticity at each point on the curve. true/false explain

3.A producers positively sloped supply curve for a commodity in one sense a maximum and another sense a minimum boundary of the producers intentions. true/false explain

Answer 1

1.the statement, other things being equal, does not affect the study of the economic phenomenon and, therefore, can be ignored. Truth. Only factors influencing the studied fact are considered.

2. A straight demand curve has the same elasticity at every point on the curve. False.

3. Producers have a positive slope of the product supply curve, in one sense the maximum, and in the other - the minimum boundary of the intentions of producers. truth. Explained by the difference in prices.